Francis, Oswald v Sagicore Bank Jamaica Limited

IN THE SUPREME COURT OF JUDICATURE
THE CIVIL DIVISION
CLAIM NO. 2014 HCV 03732
BETWEEN OSWALD FRANCIS CLAIMANT / APPLICANT
AND SAGICOR BANK JAMAICA LIMITED DEFENDANT
IN CHAMBERS
Mr. Nigel Jones, Attorney-at-Law, instructed by Nigel Jones & Co. for the Claimant/Applicant.
Ms. Gillian Mullings, Attorney-at-Law, instructed by Naylor & Mullings, Attorneys-at-Law for the Defendant.
Heard: 22nd & 27th August 2014.
Interlocutory Injunctions – Application to restrain the Defendant from selling or in any way whatsoever disposing of or taking possession of property – Application to compel the Defendant to cancel its Agreement for Sale with purchaser – Applicant claims Mortgagee acted in bad faith – Mortgagee’s Power of Sale – Payment into court – Whether damages an adequate remedy – Whether the Applicant is entitled to Injunctions in circumstances of this case – Application for Interlocutory Injunctions refused.
CAMPBELL J,
[1] The Applicant, Oswald Francis, is a businessman. He executed a Mortgage instrument, numbered 1613198, registered on the 2nd September 2009 in the sum of Eight Million Five Hundred Thousand Dollars ($8,500,000.00), against property situated at Lot 37, 9 Deeside Avenue, Dunrobin Acres, Kingston 10, and registered at Volume 1201 Folio 222 of the Register Book of Titles (hereinafter called “the property”). The property was used to secure a loan in respect of a company; Fourth World Investment Corporation Limited.